Life comes with risks and uncertainties which can result in loss. General contractors can protect against financial loss by carrying insurance. You pay a premium (a fee) and your insurance company assumes financial responsibility in case of accident or other surprises. For a small fee you can be protected against large losses. But as a general contractor what types of insurance do you need? If you have employees you will need workers’ compensation insurance. Although it is not mandated in the state of Texas, it protects you and your employees. Another type of insurance you will need is general liability insurance. Today we discuss general liability insurance for the general contractor.
What it Covers
General liability insurance protects your business from claims against it by the public. If a client feels your work or product was negligent or caused damaged they can sue you, and in the modern day of litigation it happens. Typical general liability policies cover property damage and bodily injury.
Property Damage: If you are a roofer and you install a new roof on a home and the roof leaks causing damage to the inside floors, walls, and furniture your general liability insurance will cover those damages for the customer. However, the faulty roof is not covered and remains the responsibility of the contractor to reinstall properly.
Bodily Injury: If the consumer, or a passerby, is injured on your jobsite (a hammer slips off the roof and hits the person in the head, a person taking their dog for a walk slips on a discarded roofing tile) and makes a claim, you are covered. Even if the person is trespassing and gets injured because they tripped over your tools or materials and broke their wrist, they can make a claim against you. In such cases, general liability insurance will cover the medical and disability expenses of the injured party.
ABOUT YOUR DALLAS INSURANCE COMPANY:
With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets. To learn more, or to get a free quote, call our Carrollton office today at 972-492-8500.